New Delhi, Oct. 7 -- Consider this global scenario: uncertainty reigns. With fears of high inflation and a possible US recession, the dominance of the dollar is being questioned. Sounds familiar? It mirrors the late 1970s during the oil crisis.

we've seen this movie before.

Back then, investors flocked to gold as a safe haven. Prices nearly quadrupled, peaking at $850 an ounce in January 1980, according to the LBMA, formerly the London Bullion Market Association. Mining operations expanded, the wealthy opened gold accounts in London and Zurich, and some individuals even sold fixed deposits to invest in coins and bars.

But the boom didn't last. Prices fell to $500 an ounce and lower, and for the next 25 years, gold remained largely in a...